Jim Lockyer
Moderator
Registered:1397055515 Posts: 3
Posted 1406628921
#1
Just wondering whether I have to register for VAT if I am planning on selling "stuff"? At the moment I'm not registered as not generating enough income, but am thinking of importing some kit and then reselling these items, and wondered whether I had to pay VAT on the sales?
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Jason Cartwright
Junior Member
Registered:1405516653 Posts: 4
Posted 1406629777
#2
No expert here however I believe you need to turnover in excess of £81,000 during a 12 month period. But you can volunteer if you are below the threshold or if you import (EU/UK) over £81,000.
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Stewart McLean
Administrator
Registered:1396514796 Posts: 31
Posted 1407438076
#3
£81,000 is the amount of sales a company or sole trader can make annually in the UK before they are required to register for VAT and UK VAT is then charged at 20% on taxable goods or supplies.
You can register for VAT if you believe you will reach or surpass the target figure.
Stew.
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